輝達 (NVDA) 2009 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen.

下午好，女士們，先生們。

Thank you for holding.

謝謝你的捧場。

I would now like to turn the call over to Michael Hara, Vice President, Investor Relations.

我現在想將電話轉給投資者關係副總裁 Michael Hara。

Thank you, sir.

謝謝你，先生。

You may begin.

你可以開始了。

Thanks.

謝謝。

Good afternoon and welcome to NVIDIA's conference call for the second quarter ended July 27, 2008.

下午好，歡迎參加 NVIDIA 於 2008 年 7 月 27 日結束的第二季度電話會議。

On the call today for NVIDIA are Jen-Hsun Huang, NVIDIA's President and Chief Executive Officer, and Marv Burkett, NVIDIA's Chief Financial Officer.

今天與 NVIDIA 通話的有 NVIDIA 總裁兼首席執行官黃仁勳和 NVIDIA 首席財務官 Marv Burkett。

Before we begin today's call, I would like to take care of some general administrative items.

在我們開始今天的電話會議之前，我想先處理一些一般管理事項。

Your lines have been placed on a listen-only mode until the question-and-answer segment of today's call.

在今天通話的問答部分之前，您的線路一直處於只聽模式。

During this call, we will discuss some non-GAAP financial measures about diluted net income per share, tax rate and gross margin when talking about our results.

在本次電話會議中，我們將在談論我們的業績時討論一些關於稀釋每股淨收入、稅率和毛利率的非公認會計準則財務指標。

You can find a reconciliation of these non-GAAP financial measures to GAAP financial measures in our financial release, which is posted on the Investors Relations page of our website at www.nvidia.com.

您可以在我們的財務新聞稿中找到這些非公認會計原則財務指標與公認會計原則財務指標的對賬，該新聞稿發佈在我們網站 www.nvidia.com 的投資者關係頁面上。

Unless otherwise noted, all references to research market and market share numbers throughout the call come from Mercury Research or Jon Peddie Research.

除非另有說明，否則在整個電話會議中對研究市場和市場份額數字的所有引用均來自 Mercury Research 或 Jon Peddie Research。

This call is being recorded.

正在錄製此通話。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

Please be aware that if you decide to ask a question, it will be included in both our live transmission as well as any future use of the recording.

請注意，如果您決定提出問題，它將包含在我們的實時傳輸以及將來對錄音的任何使用中。

Also, shareholders can listen to a live webcast of today's call via the Investor Relations page of our website.

此外，股東可以通過我們網站的投資者關係頁面收聽今天電話會議的網絡直播。

The webcast will be available for replay until our conference call to discuss its financial results for its third quarter fiscal 2009.

在我們召開電話會議討論其 2009 財年第三季度財務業績之前，該網絡廣播將一直播放。

The content of today's conference call is NVIDIA's property and cannot be reproduced or transcribed without our prior written consent.

今天電話會議的內容是 NVIDIA 的財產，未經我們事先書面同意，不得複製或轉錄。

During the course of this conference call, we may make forward-looking statements based on current expectations.

在本次電話會議期間，我們可能會根據當前的預期做出前瞻性陳述。

These forward-looking statements are subject to a number of significant risks and uncertainties, including statements as to our financial outlook and projections, digital computing, the GPU and CUDA; the impact, performance and availability of and demand for our products and technologies; our competitive position; and our growth and strategies.

這些前瞻性陳述受到許多重大風險和不確定性的影響，包括關於我們的財務前景和預測、數字計算、GPU 和 CUDA 的陳述；我們的產品和技術的影響、性能、可用性和需求；我們的競爭地位；以及我們的增長和戰略。

Our actual results may differ materially from results discussed in any forward-looking statements.

我們的實際結果可能與任何前瞻性陳述中討論的結果大不相同。

For a complete discussion of factors that could affect our future financial result and business, please refer to our Form 10-K for the fiscal year ended January 27, 2008 and the reports on Form 8-K filed with the Securities and Exchange Commission.

有關可能影響我們未來財務業績和業務的因素的完整討論，請參閱我們截至 2008 年 1 月 27 日的財政年度的 10-K 表格和提交給證券交易委員會的 8-K 表格報告。

All forward-looking statements are made as of the date hereof, based on information available to us today and as except as required by law, we assume no obligation to update any such statements.

所有前瞻性陳述均基於我們今天可獲得的信息，截至本協議之日作出，除法律要求外，我們不承擔更新任何此類陳述的義務。

The content of the webcast contains time-sensitive information that is accurate only as of August 12, 2008.

網絡廣播的內容包含截至 2008 年 8 月 12 日準確的時間敏感信息。

Consistent with the requirement under Regulation FD, we will be providing public guidance directly in the conference call, and will be unable to provide significantly more information in off-line conversations or during the quarter.

根據 FD 條例的要求，我們將直接在電話會議中提供公共指導，並且無法在離線對話中或在本季度提供更多信息。

Therefore, questions around our financial expectations should be asked during this call.

因此，應在本次電話會議期間詢問有關我們財務預期的問題。

At the end of our remarks, there will be time for your questions.

在我們的發言結束時，您將有時間提問。

In order to allow more people to ask questions, please limit yourself to one question.

為了讓更多的人提問，請把自己限制在一個問題上。

After our response, we will allow one follow-up question.

在我們回復後，我們將允許一個後續問題。

With that, I will now hand the call over to Jen-Hsun.

有了這個，我現在將把電話交給 Jen-Hsun。

Thanks, Mike.

謝謝，邁克。

Good afternoon, and thank you for joining us.

下午好，感謝您加入我們。

Q2 was a challenge for NVIDIA.

第二季度對 NVIDIA 來說是一個挑戰。

We reported revenue of $893 million and non-GAAP diluted earnings per share of $0.13, significantly below our original expectations.

我們報告的收入為 8.93 億美元，非公認會計原則攤薄後每股收益為 0.13 美元，遠低於我們最初的預期。

The simultaneous impact of desktop PC end market weakness around the world, adjustments of our desktop GPU ASP's in response to competitive pricing, and the delayed ramp of our next generation MCP substantially contributed to our revenue shortfall.

全球檯式電腦終端市場疲軟的同時影響、我們的台式機 GPU ASP 因競爭性定價而調整，以及我們下一代 MCP 的延遲增長，都在很大程度上導致了我們的收入短缺。

We also noted that we would be taking a non-recurring charge against cost of revenue to cover anticipated customer warranty, repair, return, replacement and other associated costs resulting from a weak die/packaging material set in certain previous generation GPU and MCP products using notebooks.

我們還注意到，我們將對收入成本收取非經常性費用，以支付預期的客戶保修、維修、退貨、更換和其他相關成本，這些成本是由於某些上一代 GPU 和 MCP 產品中的模具/包裝材料設置較弱而使用筆記本。

Although the failures are only seen in small percentages of all the chips we shipped with this material set, the repair costs of a notebook can be expensive.

雖然故障僅在我們使用該材料組發貨的所有芯片中的一小部分中出現，但筆記本電腦的維修成本可能很高。

In total, we took a charge of $196 million.

我們總共收取了 1.96 億美元的費用。

We will continue to support our OEM partners on responding and resolving end customer issues.

我們將繼續支持我們的 OEM 合作夥伴響應和解決最終客戶問題。

We underestimated the price performance of our competitor's most recent GPU, which led us to misposition our fall lineup.

我們低估了競爭對手最新 GPU 的性價比，這導致我們錯誤地定位了秋季陣容。

The first step of our response was to reset our price to reflect competitive realities.

我們回應的第一步是重新定價以反映競爭現實。

Our action put us again in a strong competitive position, but we took hard hits with respect to our overall desktop GPU ASP's and ultimately, to our gross margins.

我們的行動使我們再次處於強大的競爭地位，但我們的整體桌面 GPU ASP 以及最終的毛利率受到了沉重打擊。

The price action was particularly difficult since we are just mapping 55 nanometer, and the weak market resulted in taking longer than expected to work through our 65 nanometer inventory.

價格走勢特別困難，因為我們只是在繪製 55 納米，而疲軟的市場導致我們處理 65 納米庫存的時間比預期的要長。

Throughout the second quarter, we observed a general weakness in the desktop GPU segment.

在整個第二季度，我們觀察到桌面 GPU 領域普遍疲軟。

Consistent with the results published in Mercury Research Q2 '08 graphics report, desktop stand-alone GPU shipments declined over 23% from the first quarter, mostly in the low end GPU segments.

與 Mercury Research 08 年第二季度圖形報告中公佈的結果一致，桌面獨立 GPU 出貨量較第一季度下降了 23% 以上，主要是在低端 GPU 領域。

We believe the decline was primarily due to a weak economic environment driving a mix shift to lower priced PCs, as well as a continued mix shift in notebook PCs.

我們認為，下降的主要原因是疲軟的經濟環境推動了向低價個人電腦的混合轉變，以及筆記本電腦的持續混合轉變。

Until we can offer motherboard graphics for Intel platforms, our penetration of notebooks in low cost PCs will remain low.

在我們能夠為英特爾平台提供主板顯卡之前，我們的筆記本電腦在低成本 PC 中的滲透率仍然很低。

We hope to start production this quarter.

我們希望在本季度開始生產。

There were several bright spots in our business.

我們的業務有幾個亮點。

We see continued strength in our Professional Solutions business.

我們看到我們的專業解決方案業務持續強勁。

The Quadro business grew 38% over last year.

Quadro 業務比去年增長了 38%。

The mobile workstation marketplace is growing at 30% a year, and over the last 18 months, we've gone from around 40% share of this market to over 90% share.

移動工作站市場以每年 30% 的速度增長，在過去的 18 個月中，我們已經從該市場的 40% 左右的份額增加到 90% 以上。

Despite the challenges we faced in the second quarter, we remain optimistic about our growth opportunities.

儘管我們在第二季度面臨挑戰，但我們仍然對我們的增長機會持樂觀態度。

There are a number of steps we're taking now and in the next several quarters to regain our growth momentum, which I will outline later in the call.

我們現在和未來幾個季度正在採取許多步驟來恢復我們的增長勢頭，我將在電話會議的後面概述。

Let me now turn the call over to Marv to discuss our financial results.

現在讓我把電話轉給 Marv 討論我們的財務業績。

Thanks, Jen-Hsun.

謝謝，仁勳。

My remarks today will cover the second quarter of fiscal '09, including comments regarding both GAAP and non-GAAP results for the quarter.

我今天的發言將涵蓋 09 財年的第二季度，包括有關該季度 GAAP 和非 GAAP 業績的評論。

Included in the quarterly results is a charge of $196 million to costs of revenue for a warranty issue, which we previously disclosed.

季度業績中包括 1.96 億美元的保修問題的收入成本費用，我們之前曾披露過。

The difference between GAAP and non-GAAP is this warranty charge and the charges for stock-based compensation.

GAAP 和非 GAAP 之間的區別在於保修費用和基於股票的補償費用。

A full reconciliation is included in our press release and on our website.

我們的新聞稿和我們的網站上包含了完整的對賬。

As Jen-Hsun stated earlier, revenue for the quarter was $893 million, which is down 23% from Q1 and down 5% from the prior year.

正如仁勳早些時候所說，該季度的收入為 8.93 億美元，比第一季度下降 23%，比上年下降 5%。

The issues with regard to revenue in the quarter are almost entirely focused on the desktop GPU segment.

本季度收入方面的問題幾乎完全集中在桌面 GPU 領域。

Desktop GPU revenue was down 40% quarter-to-quarter and down 25% year-to-year.

桌面 GPU 收入環比下降 40%，同比下降 25%。

The remainder of the business combined was down 10% quarter-to-quarter and up 11% year-to-year.

其餘業務合計環比下降 10%，同比增長 11%。

Desktop GPU units declined by 20% but more importantly, desktop ASP's declined by 25% quarter-to-quarter.

桌面 GPU 單位下降了 20%，但更重要的是，桌面 ASP 的季度環比下降了 25%。

Jen-Hsun has already gone over the issues here, so I won't repeat them.

這裡的問題仁勳已經講過了，我就不重複了。

Notebook GPU revenue was actually up quarter-to-quarter by 8% and up 43% year-over-year.

筆記本 GPU 收入實際上環比增長 8%，同比增長 43%。

Professional Solutions revenue decreased by 12% quarter-to-quarter as expected after an exceptionally strong Q1.

在經歷了異常強勁的第一季度後，專業解決方案收入按季下降 12%，正如預期的那樣。

Memory in the quarter was down by 40% to $21 million.

本季度的內存下降了 40% 至 2100 萬美元。

The decline in both desktop unit volume and ASPs created significant pressure on margins.

台式機銷量和平均售價的下降對利潤率造成了巨大壓力。

The 25% decline in ASPs falls directly to the margins.

平均售價 25% 的下降直接導致利潤下降。

As a result, overall corporate margin decreased to 16.8% for GAAP and 39.1% for non-GAAP.

因此，GAAP 的整體公司利潤率下降至 16.8%，非 GAAP 下降至 39.1%。

The decline in desktop ASPs did not carry over into notebook.

台式機 ASP 的下降並未延續到筆記本電腦。

Notebook ASPs were relatively flat quarter-to-quarter.

筆記本電腦平均售價按季相對持平。

GAAP operating expenses were $305 million, down almost $7 million quarter-to-quarter.

GAAP 運營費用為 3.05 億美元，環比下降近 700 萬美元。

We were able to start the process of limiting OpEx growth.

我們能夠開始限制運營支出增長的過程。

During the quarter, we added 195 new employees and ended the quarter at 5,553 employees.

在本季度，我們增加了 195 名新員工，本季度末員工人數為 5,553 名。

Much of the growth in the quarter was new college graduates.

本季度的大部分增長是新的大學畢業生。

Depreciation in the quarter was $46 million, up about $5 million from Q1.

本季度折舊為 4600 萬美元，比第一季度增加約 500 萬美元。

Capital expenditures were $63 million, which is down $139 million from Q1.

資本支出為 6300 萬美元，比第一季度減少 1.39 億美元。

However, the Q1 capital additions included $150 million for the purchase of property in Santa Clara.

然而，第一季度的資本增加包括 1.5 億美元用於在聖克拉拉購買房產。

The Q2 additions of $63 million included $25 million of test equipment.

第二季度增加的 6300 萬美元包括 2500 萬美元的測試設備。

Despite all of the issues, cash flow from operations was still positive in the amount of $90 million for the quarter.

儘管存在所有問題，但本季度的運營現金流仍為正數，為 9000 萬美元。

Interest income and other was $9 million, which is down about $1 million from the first quarter, primarily due to lower than average cash balances and lower interest rates during the quarter.

利息收入和其他收入為 900 萬美元，比第一季度減少約 100 萬美元，主要是由於本季度現金餘額低於平均水平和利率降低。

The non-GAAP tax rate for the quarter was 17%, while the GAAP tax rate was a benefit.

本季度的非 GAAP 稅率為 17%，而 GAAP 稅率是一個好處。

Going forward, we expect the GAAP tax rate to be 23% and the non-GAAP tax rate to remain at 17% for Q3, unless the R&D tax credit is renewed in the quarter.

展望未來，我們預計第三季度的 GAAP 稅率為 23%，非 GAAP 稅率將保持在 17%，除非本季度更新研發稅收抵免。

GAAP EPS for the quarter was a negative $0.22 per diluted share and non-GAAP EPS for the quarter was $0.13 per diluted share.

本季度 GAAP 每股攤薄收益為負 0.22 美元，本季度非 GAAP 每股攤薄收益為 0.13 美元。

There were no stock repurchases during the quarter.

本季度沒有股票回購。

However, this week, our Board of Directors approved an increase in our stock repurchase program from $1.7 billion to $2.7 billion.

然而，本週，我們的董事會批准將我們的股票回購計劃從 17 億美元增加到 27 億美元。

Through July 27, 2008, we had repurchased 68 million shares under our existing stock repurchase program for a total cost of $1.16 billion.

截至 2008 年 7 月 27 日，我們根據現有的股票回購計劃回購了 6800 萬股，總成本為 11.6 億美元。

On the balance sheet, cash and marketable securities were $1.66 billion, which is up $36 million quarter-to-quarter.

在資產負債表上，現金及有價證券為 16.6 億元，按季增加 3,600 萬元。

Accounts receivable were $679 million, up $28 million, and DSO was at 69 days.

應收賬款為 6.79 億美元，增加了 2800 萬美元，DSO 為 69 天。

This reflects the profile of shipments during the quarter.

這反映了本季度的出貨情況。

We have not experienced any problems with receivables.

我們在應收賬款方面沒有遇到任何問題。

Inventory was $432 million, up only $12 million quarter-to-quarter, as we did a good job moderating production volumes.

庫存為 4.32 億美元，環比僅增加 1,200 萬美元，因為我們在調節產量方面做得很好。

Accrued liabilities, which is up $247 million in the quarter, includes the accrual for the warranty charge.

本季度應計負債增加了 2.47 億美元，其中包括應計保修費用。

There are no other highlights on the balance sheet.

資產負債表上沒有其他亮點。

On the outlook, revenue will be the most difficult to forecast.

展望未來，收入將是最難預測的。

We are expecting our market for desktop PCs to grow less than seasonal.

我們預計台式電腦市場的增長將低於季節性。

While we expect growth in MCP, Sony and desktop, other business units may be flat to slightly down.

雖然我們預計 MCP、索尼和台式機的增長，但其他業務部門可能持平或略有下降。

Therefore, we expect total revenue to grow slightly.

因此，我們預計總收入將小幅增長。

For gross margins, we would expect small improvements until we can make the transition to 55 nanometer.

對於毛利率，我們預計會出現小幅改善，直到我們可以過渡到 55 納米。

This is in process, but we have inventory of the 65 nanometer parts, which will have to be sold first.

這正在進行中，但我們有 65 納米零件的庫存，必須先出售。

Operating expenses will be up from the second quarter approximately 5%, but we will try to reduce that growth as much as possible.

運營費用將比第二季度增加約 5%，但我們將盡量減少這種增長。

The GAAP tax rate will be 23% and the non-GAAP tax rate will be 17%.

GAAP 稅率為 23%，非 GAAP 稅率為 17%。

With that, I'll turn it back to Jen-Hsun.

有了這個，我會把它轉回給仁勳。

Thanks, Marv.

謝謝，馬夫。

The visual computing universe is expanding and is driving exciting growth opportunities for GPU.

視覺計算領域正在擴大，並為 GPU 帶來令人興奮的增長機會。

Visual computing is no longer just about graphics.

視覺計算不再只是圖形。

We are driving revolutionary advances in four distinct areas - photo-realistic rendering; image processing, such as video processing and computational photography; parallel processing for the simulation of complex algorithms like real world physical properties; and rich displays, such as 3D Touch UI and 3D stereoscopic displays.

我們正在四個不同的領域推動革命性的進步 - 照片般逼真的渲染；圖像處理，例如視頻處理和計算攝影；用於模擬複雜算法的並行處理，如現實世界的物理特性；以及豐富的顯示，例如 3D Touch UI 和 3D 立體顯示。

We have been innovating and investing in these four areas for some time, and plan to launch products and initiatives soon.

一段時間以來，我們一直在這四個領域進行創新和投資，併計劃盡快推出產品和舉措。

At the core of these growth strategies is CUDA, our general-purpose, massively parallel computing architecture.

這些增長戰略的核心是 CUDA，我們的通用、大規模並行計算架構。

CUDA is a new mode in all of our GPUs, starting with the GeForce 8 family.

CUDA 是我們所有 GPU 中的一種新模式，從 GeForce 8 系列開始。

CUDA is not GP GPU.

CUDA 不是 GP GPU。

The programming model is not triangles and texture maps.

編程模型不是三角形和紋理貼圖。

When in the CUDA mode, our GeForce Quadro Tesla processors behave like a general-purpose processor and is programmed using C and a C compiler.

在 CUDA 模式下，我們的 GeForce Quadro Tesla 處理器的行為類似於通用處理器，並使用 C 和 C 編譯器進行編程。

Nearly 100 million CUDA-compatible processors have already shipped in desktop PCs, notebook PCs and workstations.

近 1 億個與 CUDA 兼容的處理器已經在台式機、筆記本電腦和工作站中出貨。

Our GPUs are CUDA compatible from top to bottom.

我們的 GPU 從上到下都兼容 CUDA。

And the many years of products on our development pipeline are all CUDA compatible.

我們開發管道上多年的產品都兼容 CUDA。

CUDA is already the world's highest volume parallel computing architecture, and the adoption of CUDA is accelerating.

CUDA 已經是世界上容量最大的並行計算架構，並且 CUDA 的採用正在加速。

Developers all over the world are using CUDA to dramatically accelerate their applications, ranging from nanomolecular dynamics, computational photography, in-body simulation for astrophysics; computational fluid dynamics; computational finance, such as options risk analysis; and tomographic reconstruction.

世界各地的開發人員都在使用 CUDA 來顯著加速他們的應用程序，包括納米分子動力學、計算攝影、天體物理學的體內模擬；計算流體動力學;計算金融，例如期權風險分析；和斷層重建。

Developers are seeing accelerations ranging from 10x to 300x.

開發人員看到的加速度從 10 倍到 300 倍不等。

CUDA is clearly revolutionizing super computing around the world, and dramatically accelerating the time to discovery from life sciences research to the search for alternative energy sources.

CUDA 顯然正在徹底改變世界各地的超級計算，並大大加快了從生命科學研究到尋找替代能源的發現時間。

Over 100,000 copies of the CUDA C Compiler have already been downloaded since we launched CUDA almost two years ago; and nearly 52,000 copies of the CUDA C compiler were downloaded in Q2 alone.

自從我們大約兩年前推出 CUDA 以來，已經下載了超過 100,000 個 CUDA C 編譯器副本；僅在第二季度就下載了近 52,000 個 CUDA C 編譯器副本。

And the rate continues to grow rapidly.

而且這個速度還在繼續快速增長。

HPC, Wire and Readers shows CUDA as the most significant HPC -- which stands for High Performance Computing -- software of 2007.

HPC、Wire 和 Readers 將 CUDA 展示為 2007 年最重要的 HPC（代表高性能計算）軟件。

Our website links to over 100 published papers that reference CUDA, but we estimate many times that have been published worldwide.

我們的網站鏈接到 100 多篇引用 CUDA 的已發表論文，但我們估計這些論文已在全球發表了很多次。

Over 50 schools and universities worldwide now include CUDA as part of their computer science curriculum or in their research.

全球 50 多所學校和大學現在將 CUDA 作為其計算機科學課程或研究的一部分。

We recently sponsored a new parallel computing lab at Stanford University, and appointed the first two CUDA Centers of Excellence -- the University of Utah and the University of Illinois at Urbana-Champaign.

我們最近在斯坦福大學贊助了一個新的並行計算實驗室，並任命了前兩個 CUDA 卓越中心——猶他大學和伊利諾伊大學厄巴納-香檳分校。

Both universities are leaders in parallel computing, and like many others, have adopted CUDA.

兩所大學都是並行計算的領導者，並且與許多其他大學一樣，都採用了 CUDA。

We are honored by their investment around CUDA and thrilled by the work that they're doing in parallel computing.

我們對他們圍繞 CUDA 的投資感到榮幸，並對他們在並行計算方面所做的工作感到興奮。

CUDA has opened up a new and exciting market to us.

CUDA 為我們開闢了一個新的、令人興奮的市場。

With our Tesla product line, we are poised to revolutionize a new class of personal super computers.

憑藉我們的 Tesla 產品線，我們準備徹底改變一類新的個人超級計算機。

Through CUDA, we have discovered a pent-up demand of researchers around the world desperate for super computing performance, but cannot afford the enormous expense to run and maintain a super computing cluster.

通過CUDA，我們發現了全球研究人員對超級計算性能的迫切需求，但卻無法承擔運行和維護超級計算集群的巨額費用。

We will even revolutionize super computing clusters.

我們甚至會徹底改變超級計算集群。

Because of the dramatic acceleration using CUDA, our Tesla product line will reduce the space and power consumption of clusters by 10 to 20 times.

由於使用 CUDA 的顯著加速，我們的 Tesla 產品線將集群的空間和功耗降低 10 到 20 倍。

This translates to either more performance possible in any server room or millions in energy savings each year.

這意味著在任何服務器機房中都可能獲得更高的性能，或者每年節省數百萬的能源。

Linux magazine likened the introduction of GPU computing to the great cluster disruption that transformed data centers in the '80s.

Linux 雜誌將 GPU 計算的引入比作 80 年代改變數據中心的大規模集群中斷。

They added that we could be at the beginning of another paradigm shift.

他們補充說，我們可能正處於另一個範式轉變的開端。

We will start to ship our Tesla processors this quarter.

我們將在本季度開始出貨我們的特斯拉處理器。

The Tesla C1060 computing is the world's first TeraFLOPS processor.

Tesla C1060 計算是世界上第一個 TeraFLOPS 處理器。

While the S1070 TeraFLOPS -- S1070 -- a few missing words there -- delivers 4 teraFLOPS per 1 new configuration.

雖然 S1070 TeraFLOPS -- S1070 -- 有一些遺漏的詞 -- 每 1 個新配置提供 4 teraFLOPS。

Tesla and CUDA look to be change agents for a multibillion dollar market.

特斯拉和 CUDA 看起來是數十億美元市場的變革推動者。

One of the most important applications of CUDA is the simulation of physical properties of objects and environments.

CUDA 最重要的應用之一是模擬物體和環境的物理特性。

The most popular demo at the press launch of the GeForce GTX 280 was the natural motions backbreaker.

在 GeForce GTX 280 的新聞發布會上最受歡迎的演示是自然運動反向斷路器。

Backbreaker uses NVIDIA's PhysX engine to simulate the motion of players.

Backbreaker 使用 NVIDIA 的 PhysX 引擎來模擬玩家的動作。

PhysX is the world's most pervasive PhysX engine, available on Xbox 360, PlayStation 3, Nintendo Wii and PC.

PhysX 是世界上最普遍的 PhysX 引擎，可在 Xbox 360、PlayStation 3、Nintendo Wii 和 PC 上使用。

PhysX allows game developers to use physical world simulation on the GPU to create content automatically, making the game feel and behave like the real world.

PhysX 允許遊戲開發者使用 GPU 上的物理世界模擬來自動創建內容，使遊戲感覺和行為像真實世界。

We have registered over 26,000 developers using PhysX and are seeing over 4,000 PhysX SDKs downloads per month.

我們已經註冊了超過 26,000 名使用 PhysX 的開發人員，並且每月有超過 4,000 個 PhysX SDK 下載。

Nearly every game in development today will incorporate PhysX simulation to enhance realism, while moderating the escalating cost of game art.

目前開發中的幾乎所有遊戲都將採用 PhysX 模擬來增強真實感，同時降低遊戲藝術成本的上升。

The PhysX engine runs on any PC.

PhysX 引擎可在任何 PC 上運行。

However, when accelerated by a CUDA compatible GPU, effects like cloth, soft body, particle and fluid simulations can speed up 10 times over a Quad core CPU alone.

然而，當由兼容 CUDA 的 GPU 加速時，布料、柔體、粒子和流體模擬等效果可以比單獨的四核 CPU 加速 10 倍。

PhysX adoption is accelerating rapidly.

PhysX 的採用正在迅速加速。

Game engines, including Unreal Engine 3, Gamebrio, [Tradgy] use it.

包括 Unreal Engine 3、Gamebrio、[Tradgy] 在內的遊戲引擎都使用它。

Middleware developers such as Natural Motion, AIseek, SpeedTree are licensees.

Natural Motion、AIseek、SpeedTree 等中間件開發商是被許可方。

There are over 150 titles shipping and well over 200 titles currently in development.

目前有超過 150 款遊戲正在發售，還有 200 多種遊戲正在開發中。

The visual computing revolution is happening and is all around us.

視覺計算革命正在發生並且就在我們身邊。

On August 25 to 27, along with companies worldwide contributing to the visual computing universe, we are hosting NVISION 2008, the world's first mega event dedicated to the visual computing movement.

8 月 25 日至 27 日，我們將與世界各地為視覺計算領域做出貢獻的公司一起舉辦 NVISION 2008，這是世界上第一個致力於視覺計算運動的大型盛會。

This will be one of the largest events ever held in San Jose, and will be attended by game developers, designers, artists, programmers, engineers, scientists, researchers, system OEMs, and gamers and technology enthusiasts from all over the world.

這將是聖何塞有史以來規模最大的活動之一，來自世界各地的遊戲開發者、設計師、藝術家、程序員、工程師、科學家、研究人員、系統 OEM 以及遊戲玩家和技術愛好者都將參加。

For gamers, NVISION '08 includes a massive land party and the finals of the Electronic World Sports World Cup.

對於遊戲玩家來說，NVISION '08 包括一個大型的陸地派對和電子世界體育世界杯的決賽。

For artists, we're hosting Demoscene, machinima using games to create movies and digital art events.

對於藝術家，我們將舉辦 Demoscene、使用遊戲製作電影的 machinima 和數字藝術活動。

We'll have an exclusive showing of the new 3D movie, Fly Me to the Moon, hosted by Buzz Aldrin, and its director, Ben Stassen.

我們將獨家放映由 Buzz Aldrin 及其導演 Ben Stassen 主持的新 3D 電影《帶我飛向月球》。

We'll have Technical Tracks for constant creators, developers, artists, and scientists.

我們將為不斷的創作者、開發人員、藝術家和科學家提供技術跟踪。

We're also hosting the Emerging Companies Summit, in which 60 new companies meet the financial community to discuss breakthrough products using the power of visual computing.

我們還舉辦了新興公司峰會，60 家新公司與金融界會面，討論利用視覺計算能力的突破性產品。

We got tripped up in Q2.

我們在第二季度被絆倒了。

Some things we can't control but there are many things we can.

有些事情我們無法控制，但有很多事情我們可以。

We've dusted ourselves off and we are now intensely focused on change, changes and improvements that will enhance our performance in the future.

我們已經塵埃落定，現在我們非常專注於改變、改變和改進，這將提高我們未來的表現。

For all who have followed NVIDIA over the years, you know what we can achieve when challenged.

對於多年來一直關注 NVIDIA 的所有人，您都知道我們在面臨挑戰時可以取得什麼成就。

We will surely overcome this challenge as well.

我們也一定會克服這一挑戰。

Meanwhile, continuing to drive the visual computing revolution we started.

同時，繼續推動我們開始的視覺計算革命。

We'd be happy to take your questions now.

我們現在很樂意回答您的問題。

(OPERATOR INSTRUCTIONS).

（操作員說明）。

Daniel Berenbaum, Cowen and Company.

丹尼爾·貝倫鮑姆，考恩公司。

Thanks very much.

非常感謝。

Jen-Hsun, when you talk about gross margin improvement, and you talk about improving slightly until you fully get to 55 nanometer, how should we think about that trajectory over the next couple of quarters?

Jen-Hsun，當你談到毛利率提高時，你談到略微提高直到完全達到 55 納米，我們應該如何考慮接下來幾個季度的發展軌跡？

And then how much of the gross margin improvement is going to be because pricing has now stabilized because you've readjusted your products to the right price points?

那麼，由於您將產品重新調整到正確的價格點，現在定價已經穩定下來，毛利率會提高多少？

And how much of that comes from cost improvements?

其中有多少來自成本改進？

First of all, with respect to the price adjustment, our price going into Computex, which was around the June timeframe, which was long, and we miscalculated the competition.

首先，關於價格調整，我們進入Computex的價格是在6月份左右，時間很長，我們誤判了競爭。

And now that we've properly calculated and gauged the competition, we've reset our price to it, and we have a strong position going into the fall.

現在我們已經正確地計算和衡量了競爭，我們已經重新設定了我們的價格，並且我們在秋季處於強勢地位。

So my expectation is that pricing is going to be stable going forward.

所以我的期望是定價將保持穩定。

From this point out, I guess the real focus is gross margins improvement.

從這一點來看，我想真正的重點是毛利率的提高。

Now, there's all kinds of levers we could pull and we ought to be working on all of them.

現在，我們可以拉動各種各樣的槓桿，我們應該對所有這些都進行努力。

You've seen us improve our gross margins in the past and we'll improve our gross margins going forward.

你已經看到我們在過去提高了我們的毛利率，我們將在未來提高我們的毛利率。

And so the Company is, as you can imagine, very, very focused in this area now and even more focused than in the past.

因此，正如您可以想像的那樣，公司現在非常非常專注於這個領域，甚至比過去更加專注。

So we just have to go figure out how to get our costs in line and our gross margins back up.

因此，我們只需要弄清楚如何使我們的成本保持一致並恢復我們的毛利率。

And so it's not a singular thing that explains it all away.

所以這不是一個單一的事情可以解釋這一切。

Our situation was particularly aggravated because we were the first to 65.

我們的情況尤其嚴重，因為我們是第一個到65歲的。

We had such a large momentum of 65 nanometer products.

我們65納米產品的勢頭如此之大。

And when the market slowed down unexpectedly for us, we ended up with a lot more 65 nanometer capacity or inventory than we'd like.

當市場對我們來說出乎意料地放緩時，我們最終獲得了比我們想要的多得多的 65 納米產能或庫存。

All of our products are now 55 nanometer.

我們所有的產品現在都是 55 納米。

And all of them are ready to ramp and many of them have ramped.

他們都準備好了，他們中的許多人已經開始了。

But until we consume the 65 nanometer capacity -- or inventory, excuse me -- we're not really going to be able to benefit from the cost reductions of the 55.

但是，除非我們消耗 65 納米的容量——或者庫存，對不起——我們並不能真正從 55 的成本降低中受益。

But that's not the only thing that we need to do.

但這不是我們需要做的唯一事情。

I mean, there's -- the Company needs to do a lot more.

我的意思是，公司需要做更多的事情。

And I expect the various groups around the Company to be doing a lot more in gross margin improvements.

而且我預計公司周圍的各個部門將在毛利率改善方面做得更多。

JoAnne Feeney, FTN Midwest Research.

JoAnne Feeney，FTN 中西部研究部。

I have a question about the charges and your view of what might still be out there; there's some concerns that there may be more product failures.

我有一個關於指控的問題，以及你對可能仍然存在的情況的看法；有人擔心可能會有更多的產品故障。

And in your opening remarks, Jen-Hsun, you remarked that you felt like you're going to continue to support the partners.

Jen-Hsun 在你的開場白中說你覺得你會繼續支持合作夥伴。

Do you see that support leading to potential more write-downs in the future?

您是否認為這種支持會導致未來可能出現更多減記？

We're not expecting more write-downs in the future.

我們預計未來不會出現更多減記。

When we scoped out the problem, we had -- we felt we had enough data to project out the anticipated failures from the various platforms that are out there.

當我們確定問題的範圍時，我們有 - 我們覺得我們有足夠的數據來預測來自各種平台的預期故障。

This doesn't happen to all of our chips and it doesn't happen to most of the notebooks that are out there.

這不會發生在我們所有的芯片上，也不會發生在大多數筆記本電腦上。

There's only a few examples of them and of all the notebooks that have shipped.

它們和所有已發貨的筆記本中只有幾個示例。

And so we think we have a pretty good handle on the situation, but -- and we thought that we were relatively conservative, but we'll see how it goes.

所以我們認為我們可以很好地處理這種情況，但是 - 我們認為我們相對保守，但我們會看看情況如何。

Okay.

好的。

And then if I could, just a question on the motherboard GPU product.

然後，如果可以的話，只是關於主板 GPU 產品的問題。

You remarked that you were ramping production.

你說你正在增加產量。

When do you think that becomes -- could you give us a timeframe for when that becomes a more significant share of your revenues?

您認為這會在什麼時候成為 - 您能否給我們一個時間表，說明什麼時候這將成為您收入中更重要的一部分？

And perhaps give us some numerical targets that we should expect in terms of the share of output?

也許給我們一些我們應該期望的輸出份額的數字目標？

I can tell you that we're building a lot of them right now.

我可以告訴你，我們現在正在建造很多。

I can tell you that, from a technology perspective, it is a solid year to maybe year and a half ahead of what the competitor has in the space.

我可以告訴你，從技術的角度來看，這是一個堅實的一年，可能比競爭對手在該領域的優勢領先一年半。

In terms of GPU computing and many core programmable processing on the motherboard, it is the only solution for, from what I can tell, several years out.

就 GPU 計算和主板上的許多核心可編程處理而言，據我所知，它是幾年後唯一的解決方案。

So we have a very significant advantage relative to the competition.

因此，相對於競爭對手，我們具有非常顯著的優勢。

We also have some very exciting design wins; nothing that we can announce today but hopefully we will learn about them in the near future.

我們也有一些非常令人興奮的設計勝利；我們今天不能宣布任何事情，但希望我們能在不久的將來了解它們。

And so this is an important project for us.

所以這對我們來說是一個重要的項目。

We put a lot of engineering into it and I'm expecting it to be a really exciting product.

我們在其中投入了大量的工程技術，我期待它成為一款非常令人興奮的產品。

Patrick Wang, Wedbush Morgan.

帕特里克·王，韋德布什·摩根。

I just wanted to talk real quickly about Desktop GPU again.

我只是想再次快速談論一下桌面 GPU。

Can you help us better understand what you're expecting in terms of time lines for the Desktop GPU business to stabilize?

您能否幫助我們更好地了解您對桌面 GPU 業務穩定的時間線的預期？

Well, you know, I wish I could tell you.

好吧，你知道，我希望我能告訴你。

Part of it has to do with the economy.

部分原因與經濟有關。

Some of it has to do with the US currency.

其中一些與美元有關。

And what we found is that there was a pretty strong shift from mid-range desktop PC segments or products to entry PC.

我們發現，從中端台式 PC 細分市場或產品向入門 PC 的轉變非常強烈。

And some of it's notebook.

還有一些是筆記本。

And so -- and we also saw that the US OEMs were stronger because of the weak dollar relative to the European system builders.

所以——我們也看到美國原始設備製造商因為美元相對於歐洲系統建設者疲軟而變得更強大。

And our European business tends to be substantially larger in terms of GPU attach.

而且我們的歐洲業務在 GPU 附加方面往往要大得多。

And so there's a lot of things that conspired against us.

所以有很多事情合謀反對我們。

But at the core of it, I think that the weak economy played a pretty significant role.

但在它的核心，我認為疲軟的經濟發揮了相當重要的作用。

We didn't really -- we didn't lose any share; the marketplace just -- the market just got soft on us.

我們並沒有——我們沒有失去任何份額；市場剛剛——市場對我們變得軟弱了。

So it's hard to say exactly when it's going to recover, but I think that time will tell.

所以很難說它什麼時候會恢復，但我認為時間會證明一切。

Got you.

得到你。

And then just a quick question on gross margins in, I guess, two parts here.

然後只是一個關於毛利率的簡單問題，我猜這裡有兩個部分。

First off, I understand you guys have some 65 nanometer inventory to work through.

首先，我知道你們有一些 65 納米的庫存要處理。

How much is there and how long does it take?

有多少，需要多長時間？

And then second, if -- Marv, I guess you can talk about some of the moving parts on gross margin in Q3 -- fiscal (technical difficulty) --?

其次，如果——Marv，我想你可以談談第三季度毛利率的一些變化因素——財政（技術難度）——？

Well, how long does it take us to work through it depends on how many we sell in each quarter.

好吧，我們需要多長時間才能完成它，這取決於我們每個季度的銷售量。

I think we'll see some improvement in Q3 and some improvement in Q4 from the transition to 55 nanometer.

我認為我們會在第三季度看到一些改進，並在第四季度看到從過渡到 55 納米的一些改進。

We'll have to see how quickly we work through that inventory.

我們必須看看我們處理該庫存的速度有多快。

Some of the moving parts on gross margin going forward is that I think that Jen-Hsun said as we see prices as stabilized in the desktop GPU area, so the improvement in gross margin there is going to have to come from cost reduction.

未來毛利率的一些變動部分是，我認為 Jen-Hsun 說過，因為我們認為桌面 GPU 領域的價格已經穩定，所以毛利率的提高必須來自成本降低。

In MCP, which will become, we think, an increasing portion of our business, obviously it is not at the gross margins of the rest of the Company.

在 MCP 中，我們認為，它將成為我們業務中越來越大的一部分，顯然它不在公司其他部門的毛利率上。

So that could be a slight drag.

所以這可能是一個輕微的阻力。

Offsetting that, we expect nice growth from the Sony arrangement, which is obviously very, very high gross margins.

抵消這一點，我們預計索尼的安排會有很好的增長，這顯然是非常非常高的毛利率。

So that would be a benefit.

所以這將是一個好處。

So there's lots of moving parts.

所以有很多活動部件。

When you put it all together.

當你把它們放在一起時。

we expect some slight improvement in gross margins.

我們預計毛利率會略有改善。

Arnab Chanda, Deutsche Bank Securities.

Arnab Chanda，德意志銀行證券公司。

Yes, a couple of questions.

是的，有幾個問題。

One, could you talk a little bit about your handheld and Tesla and Tegra product line?

一，您能談談您的手持設備以及特斯拉和 Tegra 產品線嗎？

What sort of revenue expectations you have, either for later this year for maybe possibly next year --?

你有什麼樣的收入預期，無論是今年晚些時候還是可能明年——？

Integra is doing very, very well.

Integra 做得非常非常好。

The design wins are -- I think everybody would be excited about the design wins when they come out.

設計勝利是——我認為當設計勝利出來時，每個人都會對設計勝利感到興奮。

And the engineering teams are heads down, trying to shift these products.

工程團隊正低著頭，試圖改變這些產品。

They won't ship until early part of next year.

他們要到明年年初才會發貨。

And so I'm not expecting any revenue contribution from Tegra this year.

所以我預計今年 Tegra 不會有任何收入貢獻。

But hopefully next year, it becomes a real business and hopefully a real substantial business.

但希望明年，它成為一項真正的業務，並有望成為一項真正的實質性業務。

Tesla -- this is a brand-new category for the world.

特斯拉——這對世界來說是一個全新的品類。

And this is not a -- this is using GPUs for super computing.

這不是——這是使用 GPU 進行超級計算。

And it's not GP GPUs, as I explained earlier, but it's CUDA mode of GPUs.

正如我之前解釋的那樣，它不是 GP GPU，而是 GPU 的 CUDA 模式。

It's an array of general purpose processors with a modern CPU instruction set that is compilable by C and C Plus Plus in the future.

它是一組具有現代 CPU 指令集的通用處理器，將來可由 C 和 C Plus Plus 編譯。

And this is a revolutionary product.

這是一個革命性的產品。

When you look at the speed ups, it took us nearly 20 years to improve the performance of computers by 1,000 times.

當您查看速度提升時，我們花了將近 20 年的時間將計算機的性能提高了 1000 倍。

And yet over the course of one year, researchers are discovering they can speed things up by 20, 50, 300 times using one GPU.

然而在一年的時間裡，研究人員發現他們可以使用一個 GPU 將速度提高 20、50、300 倍。

And when you put more GPUs in a system, you get linear speed up.

當您在系統中放置更多 GPU 時，您會獲得線性加速。

So this is revolutionary stuff.

所以這是革命性的東西。

And we're getting just enormous amounts of enthusiasm around the world.

我們正在世界各地獲得巨大的熱情。

And despite the availability of Tesla, people are building homemade super computers in universities all over the world.

儘管有特斯拉，人們仍在世界各地的大學裡建造自製的超級計算機。

And as I travel the world, this last summer, every university I went to had a homemade super computer based on NVIDIA's technology.

去年夏天，當我環遊世界時，我去的每所大學都有一台基於 NVIDIA 技術的自製超級計算機。

So I think that this is a market that is eager for disruptive products.

所以我認為這是一個渴望顛覆性產品的市場。

And as such, it's kind of hard to predict exactly how big the market is going to be.

因此，很難準確預測市場會有多大。

But I think that there are quite a few researchers around the world and they're all desperate for more super-computing horsepower to advance their research.

但我認為世界上有不少研究人員，他們都迫切需要更多的超級計算能力來推進他們的研究。

So I think -- my back of the envelope would suggest this is a multibillion dollar business opportunity.

所以我認為 - 我的信封背面會表明這是一個數十億美元的商機。

And if you look at the number of CPUs that are sold in the clusters, we have an opportunity to really, really dramatically capture a lot of that share.

而且，如果您查看集群中銷售的 CPU 數量，我們就有機會真正、非常顯著地佔據其中的大部分份額。

So I have one follow-up about your GT200 series.

因此，我對您的 GT200 系列進行了跟進。

I think you said that you haven't lost share, it has been a pricing issue?

我想你說你沒有失去份額，這是定價問題？

It seems like your competitors are getting reasonably good reviews.

您的競爭對手似乎獲得了相當不錯的評價。

So do you think that you're going to maintain your share but your gross margin is going to be lower because of having to lower prices?

那麼你是否認為你會保持你的份額，但你的毛利率會因為不得不降低價格而降低？

Or does 55 nanometer kind of correct that where your margins will go up and your share will be maintained?

或者 55 納米是否正確地說明了您的利潤將上升並且您的份額將保持不變？

What sort of dynamics do you expect there?

你期望那裡有什麼樣的動態？

Our competition has built a nice product but nobody ever said that our product isn't awesome.

我們的競爭對手打造了一款不錯的產品，但從來沒有人說我們的產品不好。

And the nice things that people write about their products is that it is well priced.

人們寫的關於他們產品的好處是價格合理。

But if you take a look at our products -- GeForce GTX, it is not only a great graphics products, right, because of CUDA and we're going to be able to accelerate PhysX into hundreds of games that are out there.

但是，如果您看看我們的產品——GeForce GTX，它不僅是一款出色的圖形產品，對，因為有了 CUDA，我們將能夠將 PhysX 加速到數百款遊戲中。

And you saw early reviews -- or you should be seeing early reviews of our PhysX processing and all of the reviews are fabulous.

你看到了早期的評論——或者你應該看到我們的 PhysX 處理的早期評論，所有評論都很棒。

I mean, what's not to like about increasing performance by 10 times?

我的意思是，將性能提高 10 倍有什麼不喜歡的？

And so there's a lot of exciting things that we're doing around PhysX.

因此，我們圍繞 PhysX 做了很多令人興奮的事情。

CUDA also enables trans-coating and video processing and we know that video trans-coating is probably one of the killer apps around the world today.

CUDA 還支持轉塗和視頻處理，我們知道視頻轉塗可能是當今世界各地的殺手級應用之一。

I don't know how many million PCs are running all night long trans-coding a movie to put onto an iPod.

我不知道有多少百萬台 PC 整夜運行，將電影轉碼放到 iPod 上。

If we could just make it super, super real-time, just think about the amount of energy we're going to save for the world.

如果我們可以讓它變得超級、超級實時，想想我們將為世界節省多少能源。

And so millions and millions and millions of PCs are spending all their nights cranking on video trans-coding.

因此，數以百萬計的 PC 整晚都在忙於視頻轉碼。

And we're going to make it so that you can trans-code faster than real-time.

而且我們將使其實現比實時更快的代碼轉換。

And that is a capability that we have.

這是我們擁有的能力。

And we invested in CUDA and so our GPU is slightly larger.

我們投資了 CUDA，所以我們的 GPU 稍大一些。

Our computing performance, if you look at using folding at home as a surrogate, which is a [Stanford] approaching folding application that -- it's the only application, in fact, that runs on a CPU, a cell processor and GPUs.

我們的計算性能，如果您將在家中使用折疊作為替代，這是一個 [Stanford] 接近折疊應用程序 - 事實上，它是唯一在 CPU、單元處理器和 GPU 上運行的應用程序。

And if you compared our performance to that of our competition, it's not just 50% faster, it's four times faster.

如果您將我們的性能與競爭對手的性能進行比較，它不僅快了 50%，而且快了四倍。

So our computing performance is really, really good.

所以我們的計算性能非常非常好。

It is an area that we have invested a great deal in.

這是一個我們已經投入大量資金的領域。

And it makes our dye size a little larger, but I also believe that this is how we're going to revolutionize visual computing.

它使我們的染料尺寸更大一些，但我也相信這就是我們將徹底改變視覺計算的方式。

We can't just keep selling chips that makes graphics run faster and cheaper.

我們不能只賣讓圖形運行得更快、更便宜的芯片。

I mean, that's all very nice and it's all good, but we need to advance the visual computing field in some remarkable and important way.

我的意思是，這一切都很好，一切都很好，但我們需要以某種非凡而重要的方式推進視覺計算領域。

And parallel computing is one of the most important investments that we are making.

並行計算是我們正在進行的最重要的投資之一。

So take a look at the stuff that we are rolling out now.

所以看看我們現在推出的東西。

People are really excited about the price points that they see.

人們對他們看到的價格點感到非常興奮。

And then on top of that, you get all the benefits of CUDA and GPU processing that we bring, and PhysX processing that we bring.

最重要的是，您可以獲得我們帶來的 CUDA 和 GPU 處理以及我們帶來的 PhysX 處理的所有好處。

Daniel Ernst, Hudson Square Research.

哈德遜廣場研究部的丹尼爾·恩斯特。

Daniel Erst, Hudson Square.

Daniel Erst，哈德遜廣場。

Thanks for taking the call.

感謝您接聽電話。

Three quick questions, if I might.

三個簡單的問題，如果可以的話。

Do you see any second-order impacts from the chip packaging issue on notebooks?

您是否看到芯片封裝問題對筆記本電腦的任何二階影響？

Is there any loss of design wins that could come out of that issue with your OEM partners?

您的 OEM 合作夥伴是否會因該問題而失去設計勝利？

And then two, with the rise of the ASUS EE PCs and all the many look-alikes from Spyre 1 to the new Dell network out today, do you see that having an impact on your overall notebook market share?

其次，隨著華碩 EE PC 的興起，以及從 Spyre 1 到今天新的戴爾網絡的所有相似產品的出現，您是否認為這對您的整體筆記本市場份額產生了影響？

Or do you think you have a role in those UltraLite portables?

或者您認為您在那些 UltraLite 便攜式設備中發揮了作用？

And then I have a quick follow-up.

然後我有一個快速跟進。

Thanks.

謝謝。

Frankly, on the work that we're doing supporting our OEMs to help them repair and to support their end users, frankly, all of our engagement with all of our OEMs, they've been just delighted by the work that we're doing.

坦率地說，在我們支持我們的 OEM 以幫助他們維修和支持他們的最終用戶的工作中，坦率地說，我們與所有 OEM 的所有合作，他們都對我們正在做的工作感到高興.

Obviously, this isn't something we absolutely need to do but we stepped up to do it because we think it is the right thing to do.

顯然，這不是我們絕對需要做的事情，但我們加緊去做，因為我們認為這是正確的做法。

So each case is a little different.

所以每個案例都有點不同。

So we have to look at each case carefully.

因此，我們必須仔細查看每個案例。

But our open-minded approach and our good partnership approach is welcomed by all the OEMs.

但我們開放的態度和良好的合作夥伴關係受到所有原始設備製造商的歡迎。

So if this is going to be anything at all, it should be a positive.

因此，如果這將是任何事情，那應該是積極的。

I missed some of the early parts of your second question, but I think it is related to the ultra-mobile PC.

我錯過了你第二個問題的一些早期部分，但我認為它與超移動 PC 有關。

We don't really have any offerings in that space.

在那個領域，我們真的沒有任何產品。

We have offerings in the space that I think is probably even more important, which is the mobile Internet device.

我們在我認為可能更重要的領域提供產品，即移動互聯網設備。

The single most important mobile Internet device today is the iPhone.

當今最重要的移動互聯網設備是 iPhone。

And that is much, much smaller and has a much more rigorous thermal and computing requirements than what is possible for a new MPC, if you will.

如果你願意的話，這比新的 MPC 可能要小得多，並且具有更嚴格的散熱和計算要求。

And I know exactly how to use an iPhone.

而且我確切地知道如何使用 iPhone。

And I know exactly what kind of enthusiasm the market has for it.

我確切地知道市場對它有什麼樣的熱情。

But a UMPC, I haven't figured out exactly how to use.

但是一個UMPC，我還沒有弄清楚如何使用。

So I think that the MID is a real important area.

所以我認為MID是一個真正重要的領域。

We are going to see hundreds and hundreds of millions of MID/smart phones that come out over the course of the next several years.

在接下來的幾年中，我們將看到數以億計的 MID/智能手機問世。

And I think this is going to be the second personal computer revolution and Tegra is designed to hit that sweet spot.

而且我認為這將是第二次個人計算機革命，而 Tegra 旨在達到這個最佳點。

And so that is our focus.

這就是我們的重點。

A follow-up on both of those -- maybe just a few more -- on the back end, is there an opportunity to recoup some of the costs that you are having on fulfilling the (inaudible) programs either warranty or recoupment from your packaging partners where the issue derived from?

在後端對這兩者進行跟進 - 可能只是更多 - 是否有機會收回您在履行（聽不清）計劃時所產生的一些成本，無論是保修還是從包裝中收回合作夥伴的問題從何而來？

And then a follow-up on the MID question -- so Jen-Hsun, are you saying that you don't believe the optimal UMPC market will be large enough to address?

然後是對 MID 問題的跟進——Jen-Hsun，你是說你不相信最佳的 UMPC 市場會大到足以解決問題嗎？

Or you just don't think your technology addresses that type of computer?

或者您只是認為您的技術無法解決這種類型的計算機？

We have no comment about the recouping; we don't know.

我們對收回沒有評論；我們不知道。

And it is too early to tell.

現在說還為時過早。

With respect to UMPC, that is just not our target.

對於 UMPC，這不是我們的目標。

There a lot of things that are not our targets.

有很多東西不是我們的目標。

That just happens to be one of the things that isn't our target.

這恰好是不是我們目標的事情之一。

We're much more targeted at the MID and the smart phone marketplace where we think the segment is desperate for a well designed computer on a chip.

我們更多地針對 MID 和智能手機市場，我們認為這些市場迫切需要設計良好的芯片上計算機。

And that is what Tegra is.

這就是 Tegra。

And we also think that that's an area that is where growth could be really significant.

而且我們還認為，這是一個增長可能非常重要的領域。

And so that's our target and that's our focus.

這就是我們的目標，也是我們的重點。

And frankly, from our initial engagements with the marketplace, we're delighted by that.

坦率地說，從我們與市場的最初接觸開始，我們對此感到高興。

Hans Mosesmann, Raymond James.

漢斯·摩西曼，雷蒙德·詹姆斯。

Jen-Hsun, a couple of questions.

仁勳，幾個問題。

The way NVIDIA introduces GPUs into the marketplace, single GPU at the high end and you cascade going forward into the higher volume segments, has that strategy changed in relation to what AMD has done here with their strategy?

NVIDIA 將 GPU 引入市場的方式，高端的單個 GPU，然後您級聯到更高容量的細分市場，與 AMD 在此處所做的策略相比，該策略是否發生了變化？

You know, Hans, you might recall we were actually the world's first GE X2.

你知道，漢斯，你可能還記得我們實際上是世界上第一台 GE X2。

And I forget which chip we did it with -- was it 7900?

我忘記了我們用哪個芯片做的——是7900嗎？

I think it was 7900, we introduced the world's first GX2.

我想是7900，我們推出了全球第一款GX2。

We've got nothing against GX2's and recently we just had another GX2; it was a 9800 GX2.

我們對 GX2 沒有任何意見，最近我們又多了一個 GX2。那是9800 GX2。

It has its advantages and disadvantages.

它有它的優點和缺點。

And so I don't know that there is any particular philosophical approach that we take here.

所以我不知道我們這裡有什麼特別的哲學方法。

We just have to look at the market and build up our product.

我們只需要看看市場並建立我們的產品。

From a scalability perspective, a single chip is always better than two.

從可擴展性的角度來看，單個芯片總是優於兩個。

I mean, it's -- if you take a look at the scalability of CrossFire and you compare that to SLI, if you take your top 200 most popular games, SLI or GeForce GTX 280, the scalability across those 200 games is 100%.

我的意思是，如果你看一下 CrossFire 的可擴展性並將其與 SLI 進行比較，如果你拿前 200 款最受歡迎的遊戲、SLI 或 GeForce GTX 280，那麼這 200 款遊戲的可擴展性是 100%。

Every one of those 200 games are going to scale when you put a GTX on it.

當你在上面安裝 GTX 時，這 200 款遊戲中的每一款都會擴展。

When you put SLI on it, those 200 games, the vast majority of them will scale; maybe 90% of them scale.

當您將 SLI 放在上面時，這 200 款遊戲中的絕大多數都會擴展；可能有 90% 是規模化的。

And with CrossFire, a lot less will scale.

有了穿越火線，規模將大大減少。

And so when you use a X2 with CrossFire, you're just going to see a lot of that scalability.

因此，當您將 X2 與 CrossFire 一起使用時，您將看到很多可擴展性。

There are many games that don't scale.

有許多遊戲無法擴展。

And there's some games that even get worse in scaling.

還有一些遊戲在縮放方面甚至變得更糟。

So you just have to take it case-by-case.

所以你只需要逐案處理。

But we think our approach is the right approach.

但我們認為我們的方法是正確的方法。

The best approach is to do both.

最好的方法是兩者都做。

If we could offer a single chip solution at [399], it certainly doesn't preclude us from building a two-chip solution at something higher.

如果我們可以在 [399] 上提供單芯片解決方案，那當然不排除我們構建更高級別的雙芯片解決方案。

And so I think that having the right product at each price point and the best performing product at each price point is the most important thing.

因此，我認為在每個價位擁有合適的產品並在每個價位擁有最佳性能的產品是最重要的。

Okay.

好的。

And a quick follow-up then.

然後快速跟進。

Thanks, Jen-Hsun.

謝謝，仁勳。

The current headcount, are you guys comfortable with that, given the current environment.

鑑於當前的環境，目前的員工人數，你們對此感到滿意嗎？

A lot of Silicon Valley companies have cut heads, and just wondering if that's something you guys are thinking about?

很多矽谷公司都砍頭了，只是想知道你們是不是也在考慮這個問題？

Our OpEx is too high.

我們的 OpEx 太高了。

And we need to moderate that.

我們需要緩和這一點。

And the management team is very focused on moderating that.

管理團隊非常專注於緩和這一點。

The first thing to do is just stop growing the OpEx.

首先要做的就是停止增長 OpEx。

Now, we had a lot of things that were scheduled for the second half of the year that we're very committed to.

現在，我們在下半年安排了很多事情，我們非常致力於。

And we think it's the right thing to do.

我們認為這是正確的做法。

One of which is NVISION 2008.

其中之一是 NVISION 2008。

This is a very, very important event for a visual computing industry to have.

對於視覺計算行業來說，這是一個非常非常重要的事件。

It is the first one.

這是第一個。

And it is a recognition that the visual computing industry, the visual computing ecosystem or the visual computing universe or movement is here.

這是對視覺計算行業、視覺計算生態系統或視覺計算宇宙或運動的認可。

That there are hundreds of companies that can participate in visual computing and come to a conference that is dedicated to visual computing.

有數百家公司可以參與視覺計算，並參加一個專注於視覺計算的會議。

And so I think that that's a really, really important investment to make.

所以我認為這是一項非常非常重要的投資。

And we're going to continue to do that.

我們將繼續這樣做。

There are other initiatives that we're really committed to do.

還有其他我們真正致力於做的舉措。

For example, the launch of all of the CUDA applications and products that are derived from CUDA are just coming out.

例如，所有 CUDA 應用程序和衍生自 CUDA 的產品都剛剛推出。

Although researchers around the world have been benefiting from CUDA, most consumers have not.

儘管世界各地的研究人員都從 CUDA 中受益，但大多數消費者並沒有。

And we're going to launch exciting products the second half related to that.

我們將在下半年推出與此相關的令人興奮的產品。

And so that's really, really important for us to do.

所以這對我們來說非常非常重要。

And it is going to really significantly differentiate our products -- instead of just graphics processing, we are going to do parallel processing and physics processing and image processing and video processing.

它將真正顯著區分我們的產品——不僅僅是圖形處理，我們將進行並行處理和物理處理以及圖像處理和視頻處理。

And we're just going to keep rolling those things out because CUDA makes it possible.

我們將繼續推出這些東西，因為 CUDA 使之成為可能。

And so those efforts need marketing support and we are committed to do that.

因此，這些努力需要營銷支持，我們致力於做到這一點。

So there is some pre-planned OpEx increases already.

因此，已經有一些預先計劃的 OpEx 增加。

But aside from that, we need to make sure that we do our best to moderate or improve our OpEx and bring it back in line relative to our business.

但除此之外，我們需要確保我們盡最大努力調整或改善我們的運營支出，並使其與我們的業務保持一致。

Doug Freedman, American Technology Partners.

Doug Freedman，美國技術合作夥伴。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Jen-Hsun, just building off of sort of that OpEx question, you talked also about reducing costs.

Jen-Hsun，剛剛建立了運營支出問題，您還談到了降低成本。

Are there some cost savings to be done in the cost of goods sold side for the gross margin improvement going forward, other than just straight shrinks?

除了直接收縮之外，為了未來毛利率的提高，在銷售成本方面是否有一些成本節省？

Are there are architectural things here that can be done?

這裡有可以做的建築事情嗎？

There are all kinds of ways to improve costs.

有各種方法可以提高成本。

Yes.

是的。

How do I start?

我該如何開始？

Holy cow, as I'm trying to answer your question, a list of 2,000 things just popped up in my head.

天哪，當我試圖回答你的問題時，我腦海中突然出現了 2000 件事情的清單。

So the answer is yes.

所以答案是肯定的。

Improving gross margins is not just my job or Marv's job.

提高毛利率不僅僅是我或 Marv 的工作。

This is the job of 5,553 employees.

這是 5,553 名員工的工作。

And anybody who is on our payroll needs to be figuring out how to improve our gross margins.

我們工資單上的任何人都需要弄清楚如何提高我們的毛利率。

And people who aren't on our payroll ought to figure out how to improve our gross margins.

不在我們工資單上的人應該弄清楚如何提高我們的毛利率。

And so, the answer is it's an enormous issue.

所以，答案是這是一個巨大的問題。

And we are frustrated as hell that we got ourselves in this position.

我們對自己處於這個位置感到非常沮喪。

Some of it we can control, some of it we couldn't.

有些我們可以控制，有些我們無法控制。

But we should have done the things and we could have done the things that we could have controlled.

但我們應該做的事情，我們可以做我們可以控制的事情。

And so we're going to go do it.

所以我們要去做。

And so the beautiful thing about a disruptive quarter like this, from a company's position perspective and the type of work that we're doing, nothing has changed.

因此，從公司的職位角度和我們正在做的工作類型來看，像這樣一個具有顛覆性的季度的美好之處，沒有任何改變。

And our opportunity hasn't changed.

我們的機會沒有改變。

But this is a wonderful wake-up call for all of us.

但這對我們所有人來說都是一個美妙的警鐘。

And it's -- no greater time to heighten the awareness of gross margin improvement at NVIDIA.

現在是提高 NVIDIA 毛利率改善意識的最佳時機。

In recent Analyst Day's you've put up some slides showing how increasing GPU and taking down the CPU actually improves the user experience.

在最近的分析師日中，您展示了一些幻燈片，展示了增加 GPU 和降低 CPU 實際如何改善用戶體驗。

Have you seen any change from the system configuration side that that's starting to happen?

您是否從系統配置方面看到開始發生的任何變化？

Any way that we can track that or anything you can do to help us understand the marketplace?

我們可以通過什麼方式跟踪這一點，或者您可以做些什麼來幫助我們了解市場？

Yes, it's possible.

是的，這是可能的。

If you take a look at our performance segment, I think the performance segment -- hey, guys, help me if -- I think I'm right here -- but our performance segment, the performance segment increased year-over-year by about 40%.

如果您看一下我們的績效部分，我認為績效部分-嘿，伙計們，如果-我想我就在這裡-請幫助我-但是我們的績效部分，績效部分同比增長了約 40%。

So the performance segment is growing.

因此，性能部分正在增長。

Now this last quarter, the midrange PC market really declined.

現在這個最後一個季度，中端個人電腦市場確實下滑了。

And the midrange desktop PC market happens to be our low end GPU market.

而中端台式電腦市場恰好是我們的低端 GPU 市場。

And that part of the marketplace really, really collapsed during the second quarter.

而這部分市場在第二季度真的、真的崩潰了。

And so -- but the high end marketplace was helping.

所以——但高端市場正在提供幫助。

There we were -- we had to adjust our ASPs, but the high end PC marketplace or -- not the high end PC marketplace, the high end GP marketplace, the performance GP marketplace, from $149 and above, is robust.

我們在那裡——我們不得不調整我們的 ASP，但高端 PC 市場或者——不是高端 PC 市場，高端 GP 市場，高性能 GP 市場，從 149 美元及以上，是強勁的。

And it grew a lot year-over-year.

而且它逐年增長了很多。

So I think -- I don't know if it's related to shifting, nor is it that important.

所以我認為——我不知道這是否與轉變有關，也不是那麼重要。

The most important thing is that our initiative is really about helping people understand that there are a lot of different ways to design computers.

最重要的是，我們的倡議實際上是為了幫助人們了解設計計算機有很多不同的方法。

And a lot of different ways to improve your user experience.

還有很多不同的方法來改善您的用戶體驗。

And that's really ultimately our focus, is to enhance user experience.

這才是我們真正關注的最終焦點，就是增強用戶體驗。

David Wu, Global Crown Capital.

環球皇冠資本戴維·吳。

On the transition to -- I know this is not the only problem that you have, but let's say by the end of your fiscal '09 year, from what I piece together, actually the whole company top to bottom on a GPU side would be on 55 nanometer.

在過渡到 - 我知道這不是您遇到的唯一問題，但是假設到您的 09 財年末，根據我的拼湊，實際上整個公司在 GPU 方面從上到下將是在 55 納米上。

So the dye stream part of the problem should be behind you.

所以問題的染料流部分應該在你身後。

And I was wondering about this testing problem that you had in the last six months.

我想知道您在過去六個月中遇到的這個測試問題。

Would that be behind you as well?

那也會在你身後嗎？

Testing problem?

測試問題？

Well, I think you weren't able to test enough good chips and some of those chips sort of got thrown away.

好吧，我認為您無法測試足夠多的好芯片，並且其中一些芯片被扔掉了。

Oh, that's improved a lot.

哦，這改善了很多。

The ops team is very focused on that.

運營團隊非常關注這一點。

And I think that that has improved a great deal.

我認為這已經有了很大的改善。

In fact, I looked at the metrics just this morning, it has improved a lot quarter-over-quarter.

事實上，我今天早上剛剛查看了這些指標，它比上一季度有了很大改善。

So I think there's still a lot of work to do.

所以我認為還有很多工作要做。

And that's one of the areas where gross margins can improve.

這是毛利率可以提高的領域之一。

We need to dramatically reduce the amount of scrappage that we have as a company.

作為一家公司，我們需要大幅減少報廢量。

And those are great opportunities for gross margin improvements that doesn't affect price and it doesn't affect our market position.

這些都是提高毛利率的絕佳機會，不會影響價格，也不會影響我們的市場地位。

And it only improves our earnings.

它只會提高我們的收入。

And with respect to your first comment, hopefully by the end of the year, we should be top to bottom 55.

關於您的第一條評論，希望到今年年底，我們應該從上到下排在 55 位。

Can I follow up with just one quick one?

我可以只快速跟進一個嗎？

I understand from kind of various website that the tapeout has already occurred for you, for the 40 nanometer part that you have been designing out of your lead foundries.

我從各種網站上了解到，您已經完成了流片，對於您一直在鉛代工廠設計的 40 納米部件。

I assume that means you'll be going to production in the new fiscal year fairly early.

我認為這意味著您將在新的財政年度相當早地投入生產。

Is that more or less correct?

這或多或少是正確的嗎？

Well, we made the mistake of having a bad quarter.

好吧，我們犯了一個糟糕的季度的錯誤。

Let's not make the mistake of pre-announcing our products.

讓我們不要犯預先宣布我們的產品的錯誤。

Okay.

好的。

There are no more questions at this time.

目前沒有更多問題。

I will now turn the call over to Jen-Hsun.

我現在將把電話轉給仁勳。

Please go ahead.

請繼續。

Well, thank you all for joining us this quarter.

好吧，感謝大家在本季度加入我們。

And we look forward to talking to you again next quarter.

我們期待著在下個季度再次與您交談。

Ladies and gentlemen, that does conclude the conference call for today.

女士們先生們，今天的電話會議到此結束。

We thank you all for your participation and we ask that you please disconnect your lines.

我們感謝大家的參與，並要求您斷開線路。

Have a great day, everyone.

祝大家有個美好的一天。